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    3111 Elmwood St Detroit, MI 48207

    Sponsored
    For Lease
    $22 SF/Yr

    Spacious school building, ideal for redevelopment.

    Lot size:
    13,300 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 13,300 square foot former elementary school presents a unique redevelopment opportunity in Wayne County. The single-tenant building, last occupied in the 2019-20 school year by a charter school, boasts eight classrooms, a two-story administrative area within the entryway, and a sizable multi-purpose room centrally located. The layout is well-suited for a variety of adaptive reuse projects, offering significant potential for conversion into various commercial or community spaces. The property also includes two outdoor playgrounds, providing ample space for recreational activities or expansion, and secure gated parking for enhanced safety and convenience. Situated conveniently near Gratiot Avenue, this property benefits from excellent visibility and accessibility. The building's substantial size and versatile floor plan offer a blank canvas for creative entrepreneurs and developers seeking a unique and impactful investment. Its previous use as a school suggests strong structural integrity and established infrastructure, minimizing potential renovation costs. This is a rare chance to acquire a substantial property with significant potential in a desirable location. The property is ready for its next chapter, offering a compelling opportunity for a discerning investor.

    Property Features for 3111 Elmwood St

    General Information

    Property type
    Specialty properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    13,300 SF
    Total Rate
    24383.33

    Unit(s) available at that property

    Space
    Size
    13,300 SF
    Rate per SF
    $22

    HighLights

    • 13,300 SF Special Purpose Building in Wayne County
    • Single‑tenant property, formerly a charter school
    • Located near Gratiot Avenue
    • Features eight classrooms, administration area, multi‑purpose room, two playgrounds, and gated parking
    • Last occupied in the 2019‑20 school year
    Property Profile Location Intelligence

    Current Use by Public Records

    Detroit Collegiate High ... High School Ross-Hill Academy Preschool

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.025485462194
    Latitude
    42.356354358794

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    FAQs

    What type of property is this?
    Specialty property - Spacious school building, ideal for redevelopment.
    Where is this specialty property located?
    The property is located at 3111 Elmwood St Detroit, MI.
    What is the lease rate?
    The lease rate is $22 SF/Yr.
    What are key features of this property?
    This property features: 13,300 SF Special Purpose Building in Wayne County; Single-tenant property, formerly a charter school; Located near Gratiot Avenue
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3111 Elmwood St Detroit, MI 48207
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